Global stocks on track for worst week since March 2020

Singapore — World stocks on Friday headed for their worst week since markets’ pandemic meltdown in March 2020, as investors worried about growth in the face of global rate hikes, except in Japan where policy settings were kept easy and the yen fell.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell to a five-week low, dragged by selling in Australia where the ASX 200 dropped 2%. Japan’s Nikkei fell 2.4%. “The current repricing is taking most of the overvaluation out of the market, but current levels are vulnerable to any deterioration in corporate fundamentals.”

“Markets may just be continuously adjusting to an outlook for higher global policy rates ... as global central bank policy momentum is all one way.” Two-year German bund yields finished the session up 8.5 bps to 1.152% and the 10-year bund yield rose 5 bps to 1.703%.

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